Xi Jinping Attends the 10th G20 Summit and Delivers Important Speech

On 15 November 2015 local time, the 10th G20 Summit was held in Antalya, Turkey. President Xi Jinping attended the summit and delivered an important speech entitled "Innovative Growth that Benefits All", stressing that the G20 should strengthen macroeconomic policy communication and coordination, promote reform and innovation, build an open world economy and implement the 2030 sustainable development agenda.

Prior to the summit, Xi Jinping and other leaders arrived successively and they were greeted by President Recep Tayyip Erdogan of Turkey.

At 4:30 p.m. local time, the summit chaired by Recep Tayyip Erdogan started. The leaders present first stood up to pay silent tribute to the victims of the spate of terrorist attacks in Paris. Focusing on the theme of "Collective Action for Inclusive and Robust Growth", the leaders present expounded their views on world economic situation, strategies for comprehensive growth, employment, investment and other topics.

Xi Jinping pointed out in his speech that the G20 is tasked to promote global growth. The G20 should not only address the immediate challenge by stabilizing growth, but also tackle the root cause by gathering momentum for long-term development, not only implement the outcomes of previous summits, but also strive to forge new consensus, and not only manage their own affairs well by taking effective measures at home, but also respond to the challenges together through closer cooperation.

Xi Jinping made the following proposals. First, strengthen macroeconomic policy communication and coordination, and form synergy between our policies and actions. Second, promote reform and innovation, and boost the medium- and long-term growth potential of the world economy. Third, build an open world economy and reinvigorate international trade and investment. Fourth, implement the 2030 sustainable development agenda and lend strong impetus to equitable and inclusive development.

Xi Jinping emphasized that China has the confidence and ability to sustain a medium high growth rate. At the most difficult time for the world economy, China undertook the task to drive growth. China's economy is expected to grow at around 7 percent, still contributing to about one third of the global growth and remaining a major driving force for the global economy. In the coming five years, we will pursue innovative, coordinated, green, open and shared development, focus on implementing the strategy of innovation-driven growth, and ensure balanced progress in promoting a new type of industrialization, IT application, urbanization and agricultural modernization. We will pursue green and low-carbon development to improve the environment. We will integrate the Chinese economy more closely with the global economy and implement the "Belt and Road" Initiative. We will also ensure people's well-being and improve their living standards across the board so that more fruits of development will be shared by all in a more equitable fashion.

Xi Jinping pointed out that the International Monetary Fund (IMF) stated in its reviewing report of the Special Drawing Rights (SDR) that the RMB apply the standard of "freely usable", suggesting to include the RMB into the SDR basket. China welcomes it and believes that it will help to lift the representativeness and attraction of the SDR, improve the international monetary system and safeguard global financial stability. China expects a positive result from the discussion by the IMF Executive Board at the end of this month.

The leaders present expressed that all parties should strengthen macroeconomic policy coordination to address the weak momentum of global economic growth, solve the problem of uneven development, improve the system of social insurance and enhance the purchasing power of the low-income population. All sides should enhance international financial supervision and accelerate the pace of reform of the international financial institutions, encourage the developing nations to integrate into the global economic governance, tap the potential of African countries, and boost cooperation in infrastructure construction. All members should carry out consultation under the United Nations Framework Convention on Climate Change, formulate reasonable, balanced and sustainable plans and together cope with climate change. The international community should unit and cooperate to crack down on terrorism.

The summit also covered such issues including development, climate change, counter-terrorism and European refugee crisis.